European Parliament Member Petras Auštrevičius asserted that the current relationship between the European Union and China has evolved beyond mere trade imbalances. Speaking on the “Live in Europe” radio show, Auštrevičius highlighted a significant trade deficit, stating that the gap currently amounts to a billion euros daily. He observed that China exports more goods and services to the European market than the European bloc exports to China.
According to the member, this imbalance accelerated significantly following the COVID-19 pandemic. He attributed this surge to the rapid reorientation of China, which resulted in a substantial influx of inexpensive goods into the European Union market. Consequently, Auštrevičius argued that the continent faces not only a trade deficit but also a critical competitiveness challenge.
The Parliament member framed the deficit as an issue of industrial competition, suggesting that China is effectively displacing local European production. He pointed to the import of goods that could otherwise be manufactured within the European sphere. As an example of shifting economic dependency, he noted that while Germany was historically tied to its automotive industry, the relationship has reversed, with the automotive sector in China now showing significant reliance on Germany.
These observations suggest a structural concern regarding the economic relationship between the Union and its major Asian trading partner.
Topics: #european #china #union
